Greystone Refinances Dallas’ Largest Apartment Community
Greystone's Rob Meehan originated the CMBS loan, which includes a 10-year fixed term at a low rate. Vineyards at Forest Edge is 95.2 percent occupied.
By Razvan Cimpean
Greystone has provided a $68.1 million CMBS loan to E & M Associates to refinance the Vineyards at Forest Edge in Dallas, a 1,218-unit community. Greystone’s Rob Meehan originated the loan, which includes a 10-year fixed term at a low rate.
Largest Dallas Community
Vineyards at Forest Edge, located at 9669 Forest Lane, is the largest multifamily property in Dallas. The community offers one- and two-bedroom apartments with an average 795 square feet in size. According to Yardi Matrix data, rents start at a monthly $779 and go up to $1,200. E & M Associates acquired the property in 2015 from Bridge Investment Group Partners.
The 22-building, two-story property features 11 swimming pools, four hot tubs, two outdoor soccer fields, as well as a fitness center. The community, which maintains 95.2 percent occupancy, also offers 2,500 parking spaces.
“CMBS execution for this refinance transaction was the most favorable option, given the current market dynamics,” Rob Russell, head of CMBS production at Greystone, said in a prepared statement. “We are seeing the CMBS market pick up in the multifamily space overall, with more opportunities to execute this reasonably fast, fixed permanent financing.”
Last month, Greystone Real Estate Advisors’ affordable housing group sold Brentwood Apartments, a 98-unit affordable housing community, in Sioux Falls, S.D.
Image courtesy of Yardi Matrix